The core of the market is still Ethereum, this is beyond doubt. Even if there is a pullback today, it's just 3800-3700, there’s no need to overly question anything. Here are a few contradictory emotional oppositions to consider:
1. Sun's on-chain bright addresses are moving around, transferring a large amount of Ethereum from HTX to Binance, which certainly isn’t going to be for opening long positions in fiat. This can be seen as distribution;
2. After being squeezed, the new Hyper brother went short and then reversed to go long. In fact, they make money quietly, but once frequently reported in the news, they can easily become a contrary indicator. If they were a bit lower profile, I think this long position of the brother won’t be settled easily, leading to quite a bit of volatility;
3. Cathie Wood's three funds purchased nearly over 100 million US dollars worth of BNMR today. The shareholder lineup of BNMR is already very luxurious, which can somewhat alleviate the declining sentiment in crypto stocks;
4. Yesterday, the altcoins were chaotic, and today SOL is leading the way. Many people feel that SOL is the new doomsday vehicle for the next round, which is understandable because when Ethereum was rising, SOL was weak. Now that Ethereum is resting, it’s leading the way, indicating that funds lack the courage to continue pushing the leaders. Defining this as a turning point for weakening market sentiment is not a problem, but I don't think it will last particularly long, as the trend is upward, and those who missed the bullish rebound are more anxious than anyone else;
5. The pump breaking support is just a matter of time. There's no need to say much about this; except for those shorting, who are still shouting a few words, the doves can’t even move 10 points anymore. After a long time, this coin won't be bought again even if it lists on Binance spot aside from shorting.
In summary, leverage has been reduced. The next step is to continue finding opportunities to buy Ethereum back, waiting for a new upward cycle.
